Reduced UW Times

Due to the awesomeness of our fabulous underwriters here at The Legacy Group our turn times have decreased significantly!  Now is a great time to take care of that refinance you have been meaning to look into or purchase your new home just in time for the holidays! 

Pre-approvals are at no cost to you and can be done in about 15 minutes! 

Please contact us at 253-228-1200 or juliesw@legacyg.com.  You can also apply right online securely at your own convenience at www.legacyg.com/juliesw.

My goal is simple, to help you reach yours! 

Amazing low rates available for a limited time only!

 Limited time opportunity for these low rate! 

2.5% ~ 30 YEAR FIXED WITH 1% ORIGINATION AND NO POINTS FOR FHA, VA AND USDA*

2.75% ~ SAME FOR CONVENTIONAL*

*RATES POSTED ON 8/15/12 BY THE WASHINGTON STATE HOUSING FINANCE COMMISSION.

1)      Borrower’s must attend a first time homebuyer’s seminar

2)      Must be a first time Homebuyer, which is defined as someone who has not owned a home in the past 3 years or if you purchase in a targeted area you do not have to be a first time homebuyer.

3)      Income limits apply but are very generous in limits.

ZERO DOWN OPTIONS AVAILABLE AS WELL ~

1)     Short sales and Foreclosed properties up to 10k with 3% rate for 10 years.

2)     New Home for You Program – New constuction only!!  Up to 10k, 3% rate and 10 year term. (680 credit score)

3)     House Key Schools – teachers and employees of community or tech colleges and K12 Public or private schools that are accredited or recognized by the State of WA. Up to 10k, 3% for 10 years.

4)     House Key Vets – for Veterans who served our country.  Up to 10k, 3% rate and 10 year term.

5)     House Key Seattle – for people living within the city limits of Seattle.  Up to $45k with payments deferred for 30 years at 3% simple interest.  There is a shared appreciation required for the first 9 years. (home must not have been occupied by a tenant within 90 days of the purchase and sales agreement.

6)     Homechoice Second Mortgage – for borrowers who have a disability or how have a family member with a disability living with them.  Up to $15k, 1% interest, payment deferred and is due when home is sold, refinanced or after 30 years.

If you or someone you know may qualify for this amazing opportunity, please share my name and contact information with them!  

"My goal is simple, to help you reach yours!" 

VA Loan Limit Update

The Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 has been signed into law.  The act includes a number of changes to the VA loan guaranty program.  One of these changes include reverting back the previous method of calculating the maximum guaranty.  This has resulted in some VA loan limits increasing.  For Washington State those limits have increased as follows ~

Pierce, King and Snohomish County ~ $498,750
San Juan County ~ $470,000
For all other counties $417,000

These new limits apply to all loans closed from 8/6/12 to 12/31/12.  2013 limits are usually posted around November.

Some of the amazing benefits of VA Loans ~

          * 100% financing ~ NO DOWN PAYMENT
          *  No monthly mortgage insurance
          *  Seller concessions up to 4% that can be used for items like gifts, discount points, credit card balances, collections, etc..  (in addition to closing costs)     
          *  Surviving spouse of deceased Veteran may be eligble.

For more information on VA loans whether you are looking to purchase or refinance, please contact me! 

I offer a $500 credit at closing as part of my Homes for Heroes program for all Military, Firefighters, Police Officers, Teachers and Healthcare Workers as my way of saying "Thank you for all you do!"

   

HARP...Y MONDAY!

Are you one of the 9 million people out there looking for help with your mortgage?

NOW Accepting applications for HARP 2.0!

* NO maximum LTV (loan to value ratio) for fixed rate mortgages

   (105% max LTV for adjustable rate mortgages
* No credit score requirements
* Must have closed prior to 6/1/09.

* All occupancies allowed (Owner occupied, 2nd homes, investment properties)

* Properties currently listed for sale ~ no seasoning requirements, listing must be cancelled and documented as being cancelled.

*  Properties with mortgage insurance ~ we will need to check with current MI servicer's requirements.  Additional requirements may apply. 

Lower term from 30 to 15 year (>105% ltv not available until 6/1/12).

Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. (visit www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup/) If you do not see yours on there, let me know.  They are very specific on how the information must be input and I would hate to see you not think you qualify when you actually do!

Please note, there may be some variations on what is allowed via Freddie and Fannie. 

For scenarios in WA state contact me at 253-228-1200 or juliesw@legacyg.com. 

MLO-185767

This does not constitute a commitment to lend. All loans subject to full underwriting approval and satisfactory appraisal. Program subject to change without notice. Individual(s) listed are employees of Legacy Group Lending, Inc., NMLS ID #4455. For state specific licensing information visit www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/4455. Affiliated companies: Legacy Group Capital, LLC NMLS #99045, Legacy Group Escrow, LLC License # 540-EA-40580.The Legacy Group is not affiliated with the US Government.2012-03-19 10:02:11 

City of Tacoma Down Payment Assistance Program

If you are a first time homebuyer (or owned a home in the past 3 years) and qualify under the income guidelines there is a wonderful down payment assistance program available in the City of Tacoma!  The program offers up to 3.5% which is the current required down payment for FHA.  The funds can be used towards the down payment and/or closing costs.  You as the buyer are required to contibute $1000 of your own moeny in order to receive the assistance.  The rest of the closing costs can come from a seller credit if that is how your offer is accepted.

The loan will be a 30 year loan with zero interest which will be due in 30 years and/or if you no longer use the home as your primary residence. 

Income limits as of 1/31/2012 are as follows:

Home Ownership After A Bankruptcy, Foreclosure or Short Sale?

There is life and the potential for home ownership after a bankruptcy, foreclosure and short sale.   You will need to get started on rebuilding your credit right away as your credit score is a huge contributing factor to receiving a home loan and how much you will pay for that home loan.  It is, however, very important to do this wisely.  Make sure that you have built yourself a savings for any emergencies that may come up whether home, health, kids, etc..  You want to make sure you do not have to dip into your credit cards to see you through challenging times unless absolutely necessary.

In order to do this, you will need to start applying for new credit.  Sounds scary I know after just going through the bankruptcy but it will be necessary if your goal is to become a homeowner.  Here are some options that may be available to you.  You have probably noticed all of the offers coming your way for credit cards, auto loans, personal loans, etc., do your homework.  If it sounds too good to be true it probably is!

The easiest way to start re-establishing your credit is with a secured credit card.  You give the bank some money to hold and the bank willg ive you a credit limit equaling that amount.  You can get these from local banks, credit unions, and by searching online.  Orchard Bank, First Premier and Capital One are just some of the online companies to choose from and chances are you have already received several offers from them.  Be very careful of outrageous fees and shop around a little before you start applying.

Unsecured credit cards are another option.  These will not require you to give money to the lender to open up the card, however, still may have high upfront fees so shop around first.

With both of these options you will want to request a credit increase after about 12 months and make sure to keep your balance as low as possible on these by either paying off monthly or higher than the minimum payment due.  It is very important to go with companies that will report your history to all three credit bureaus.  Don't forget to make your payments on time!  The lender will look very closely at any late payments after a bk and that could completely ruin your chances of being a homeowner with even 1 late payment reported on your credit report!

Personal loans and auto loans are another way to start rebuilding your credit.

There are time frames that you will need to be aware of as well and they are as follows:

Fore more information on any of this information please feel free to contact me.  Complimentary pre-approvals are always available!

FHA Streamline Refinance: No Appraisal or Income Documentation? YOU BET!

Rates are the lowest they have been since Freddie Mac first began keeping track back in the 1970's.  Have you wanted to take advantage of the lower rates but are concerned about qualifying or the value of your home?

If you currently have an FHA loan, FHA allows you to do a streamline refinance without having to verify income also, an appraisal is not required.  

What is a FHA Streamline Refinance?  This is a refinance designed to lower the monthly principal and interest payments on a current FHA-insured mortgage with streamlined documentation.

Some of the specifics on a FHA streamline are:

• First and foremost you must have a minimum of a 5% payment reduction.
• Your lender may be able to provide a "NO COST" streamline which would allow for you to not pay any closing costs and/or prepaids out of pocket.  It is always my goal to try and do what I can to provide a no cost streamline for my clients but it is not a guarantee this can be done.  
• No cash back to the borrower, except for the minor adjustments at closing.  It can not be more than $500.
• Employment must be listed on application and it will be verified.  (Only employment, not income)
• Income documentation for wage earners or self employed is NOT REQUIRED.
• Other credit and/or debt is typically not considered.

Please keep in mind, if you have equity in your home and you choose to have an appraisal done, you may include your closing costs and/or prepaids in your new loan amount if the final loan amount does not exceed 97.75%  of the appraised value.

For more information or to see if your loan would qualify for a FHA streamline and if it would make sense for you to refinance, please contact me.  

253-228-1200 - Direct

juliesw@legacyg.com

www.legacyg.com/juliesw

MY GOAL IS SIMPLE...TO HELP YOU REACH YOURS!!